fxs_header_sponsor_anchor

News

EUR/USD Price Analysis: Improves to near 1.0820 followed by 50-day EMA and a weekly high

  • EUR/USD could retest resistance around the 50-day EMA at 1.0834 and the weekly high at 1.0838.
  • Technical indicators suggest a possible transition towards upward momentum.
  • The key support region appears around the psychological level of 1.0800 and the 14-day EMA at 1.0795.

EUR/USD extends its winning streak initiated on February 14, with the US Dollar (USD) facing downward pressure due to concerns raised over potential interest rate cuts in the Federal Reserve Meeting Minutes published on Wednesday. As a result, the pair edges higher to around 1.0820 during the Asian session on Thursday.

The EUR/USD pair may ascend toward testing the nearby resistance area, which includes the 50-day Exponential Moving Average (EMA) at 1.0834 and the weekly high at 1.0838. If the pair manages to break above this zone, it could receive further upward momentum, potentially reaching the significant support level at 1.0850, followed by the 38.2% Fibonacci retracement level at 1.0864.

The technical analysis of the EUR/USD pair suggests a possible transition towards upward momentum. The 14-day Relative Strength Index (RSI) is positioned above the 50 mark, indicating a bullish sentiment. Additionally, the Moving Average Convergence Divergence (MACD) is situated below the centerline but exhibits a divergence above the signal line. These indicators collectively suggest a potential bullish shift in momentum for the EUR/USD pair.

On the downside, immediate support is evident at the psychological level of 1.0800, coinciding with the 14-day Exponential Moving Average (EMA) at 1.0795. A breach below this EMA could lead the EUR/USD pair to revisit the weekly low around 1.0761, potentially targeting the major support zone near the 1.0750 level, with a possible objective of approaching the psychological support at 1.0700.

EUR/USD: Daily Chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.